Analyzing the Extent, Impact, and Barriers to Micro-Insurance Adoption in Rural Areas: Implications for Policy and Development

Abstract: This study highlights insights that have been gained regarding the trends in microinsurance, specifically focused on building financial security in rural communities, with reference to health emergencies, crop losses, and natural disasters. The modalities of delivery and the challenges related to them have been dealt with, such as in the case of community mutual insurance and NGOs working towards enhancing their impact. While mobile platforms have made them central to increasing accessibility, their scope remains constrained by a complex milieu of low awareness, poor quality of infrastructure, and lack of trust. The study, with a sample size of 150 people, has executed logistic regression to assess awareness, barriers to participation, and challenges to attaining financial security for rural micro-entrepreneurs.

Keywords: Micro-insurance, Rural Development, Financial Inclusion, Risk Management, Economic Resilience